(B) Zeal Inc. Incorporation completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Zeal Inc. showed Cash of $8,000 and Zeal Inc., Capital of $45,000. Zeal Inc. incorporation follows the perpetual inventory system. May 3: Sold merchandise for cash to Seliece Co., $5,400. The cost of the merchandise sold was $4,800. May 6: Purchased merchandise on account from Rendick Co., $8,000, terms FOB Destination, 5/10, n/30, The relevant company paid the freight charge of $100. May 7: Purchased Equipment on credit $45,000. The equipment will be used by the business. May 8: Received $500 credit for merchandise inventory returned to Rendick Co. May 12: Paid Rendick Co. in full. May 15: Made refunds to Seliece Co. for defective merchandise $400. The returned merchandise had a scrap value of $50 only.

Instructions: Journalize the above transactions